The Global Function-as-a-Service Market is projected to reach USD 7.98 billion by the end of 2021, with a CAGR of 33.0% from 2016 to 2021.
Function as a service exempts the users from the responsibility of building and maintaining the infrastructure by offering a platform to create, run, and manage applications. Function-as-a-service basically is a distributed system that enables to use computation from the cloud through an API. Function-as-a-service involves an event driven mechanism wherein the code or function is executed whenever a certain event is triggered. In function-as-a-service the cloud provider takes the responsibility of finding the server for the execution of this code or function written by the users. The function-as-a-service is believed to be one of the most efficient offering as it comprises of paying for only those resources that are consumed during execution.
In function-as-a-service the applications determine when and how much amount of resources are to be used in the cloud. As a result, the users are freed from the burden of managing the applications. In line with this, the function-as-a-service market is also driven by other factors comprising of the ability to easily create, deploy, and run applications, and increasing adoption of serverless architecture.
The report segments the function-as-a-service market by application, by deployment model, by service type, by user type, by vertical and by region. The application includes research and academic application, web-based and mobile application and others (stream processing and media processing). The deployment model includes hybrid cloud, private cloud and public cloud. The service type includes API management service, automation and integration service, micro service monitoring and management service, support and maintenance, training and consulting and among others (metering and billing). The user type includes Developer-Centric function-as-a-service and Operator-Centric function-as-a-service. The vertical includes BFSI, consumer goods and retail, government and public sector, healthcare, manufacturing, media and entertainment, telecommunication and IT and among others.
The report provides regional analysis covering geographies such as North America, Europe, Asia-Pacific, and Rest of the World. North America leads the function-as-a-service market followed by Europe and Asia-Pacific. The function-as-a-service market in Asia-Pacific is projected to reflect highest CAGR over the forecast period. The attractiveness of the function-as-a-service market in the Asia-Pacific region is result of increasing adoption of serverless architecture that results in the decrease in operational cost.
- Amazon Web Services
- Dynatrace LLC
- Fiorano Software and Affiliates
- Infosys Limited
- International Business Machines Corporation
- Microsoft Corporation
- SAP SE